Asian Futures Signal Rebound as U.S. Gains Crowd Out Oil Slump

Most Asian index futures climbed amid a rally in U.S. stocks, as the start of the American earnings season took some of the focus away from concern over China and an oil-driven slump in commodity prices.

New Zealand shares snapped a five-day slide and futures on stock gauges from South Korea to Hong Kong foreshadowed gains following a consumer company-led advance in U.S. equities at the end of Monday trading. Japanese index futures climbed in Chicago with markets in Tokyo to resume Tuesday following a holiday, and after the yen was toppled from its strongest level since August. Crude oil tumbled last session, nearing $ 30 a barrel to lead Bloomberg’s commodity gauge back to its lowest level since 1999.

New Zealand’s S&P/NZX 50 Index added 0.5 percent as of 7:43 a.m. Tokyo time, rising from its lowest level since Dec. 17. Futures on Australian stocks signaled an advance of 0.2 percent.

Nikkei 225 Stock Average futures rose 0.6 percent on the Chicago Mercantile Exchange, to 17,390, as the yen traded steady at 117.72 per dollar, holding onto Monday’s 0.4 percent decline.

Japan updates its current-account balance Tuesday, and reports on consumer confidence, while Australia posts on credit-card purchases and the Philippines issues a trade report.

Source: Bloomberg

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